As expected, the US FDA just approved Amgen's new KRAS drug for cancer. The brand name will be Lumakras. I can really say "as expected" because back in June 2019 I wrote this in the Vestact newsletter:
"In recent weeks, scientists at Amgen revealed a significant breakthrough with a new drug for lung and colon cancer. Codenamed AMG 510, it targets KRAS proteins which act as the body's on/off switch in cell signalling. When it is mutated, negative signalling is disrupted and cells can proliferate wildly, often developing into cancer."
"For years, scientists said creating a drug to attack the KRAS protein was impossible. On Monday, Amgen's research team showed it had developed a medicine that shrank tumours in 50% of 10 early-stage clinical trial lung cancer patients."
Well, they got it done. Goldman Sachs reckons that this product will rack up sales of about $100 million in 2021, and as much as $700 million by 2025. Media reports suggest that Lumrakras will cost patients (or their medical insurance providers) about $17 900 per month. A better business than selling Covid vaccines for 20 bucks a pop, I'd say?
Amgen's share price has drifted a bit in recent times, but could get a positive boost from this development.